2024-03-21 19:08:33
Chittagong Stock Exchange (CSE) got the certificate of commodity exchange for the first time in the country. As a result, new horizons of business will be opened. State Minister for Commerce Ahsanul Islam Titu expressed hope that if the stakeholders work together under the Bangladesh Securities and Exchange Commission (BSEC), the commodity exchange will take the country and the capital market a long way.
He said these things while speaking as the chief guest at a discussion meeting and prayer program on the occasion of Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s birthday and National Children’s Day at the Securities Commission Building in Agargaon in the capital on Wednesday (March 20). Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubaiyat-ul-Islam presided over the event.
In the event, State Minister for Commerce Ahsanul Islam Titu handed over the commodity exchange certificate to CSE Chairman Asif Ibrahim. Chairman of Central Depository Bangladesh Limited (CDBL) Sheikh Kabir Ahmed was present at this time.
Commerce State Minister Ahsanul Islam Titu said, Commodity Exchange was my dream for a long time. When CSE Chairman Asif Ibrahim took charge, I told him only one thing, it is not possible to make Chittagong Stock Exchange feasible with equity only. At least as a service you go to the Securities Exchange Commission to set up a commodity exchange. I hope, under the leadership of the Securities Exchange Commission, new directions will emerge.
He said, Commodity Exchange has a close relationship with the Ministry of Commerce. Today we are thinking about pricing, looking for reasonable prices. Commodity exchange can play a huge role in this space. Commodity exchanges can be started this year with potatoes, sugar and oil. First with non-delivery, then with delivery.
The Minister of State for Commerce also said that Dhaka Stock Exchange had signed an agreement with Pan Asia in 2013 regarding gold exchange. Through this we can exchange gold. It has many possibilities. I think, especially for asset management companies, merchant banks and those dealing with diversified portfolios, new dimensions will be added. Because, there will be futures, there will be forward market, there will be opportunities for hedging. So many avenues will open up.
BSEC Chairman Shibli Rubaiyat-ul-Islam said in the event, commodity exchange was our missing component, which is available in other countries of the world. It is important for those who do business, who do export-import. Through this, proper origin of export-import, reduction of middleman violence, problem of under and over invoicing will be solved. Through this discipline will be created in export-import. Business will become much easier in the coming days. Buyers can know the prices of products in the global market.
Asif Ibrahim, chairman of Chittagong Stock Exchange, said in the event, immediately after the Securities Exchange Commission gives the commodity exchange license, we appoint experts in Multi Commodity Exchange India as technical advisors, as they have experience. We also submitted the rules they gave us. This is where we are now. Our software and hardware procurement is progressing. Hopefully, within this year, we can officially start the journey of commodity exchange in Bangladesh.
In the speech of the special guest, Sheikh Kabir said, Bangabandhu loved children very much, that’s why his birthday is being celebrated as Children’s Day. I doubt whether Bangladesh would have existed if Bangabandhu was not born.